FiiiPay launches network for immediate crypto payments

FiiiPay, the proprietary payment system of blockchain venture FiiiGroup, has launched a solution that it claims will enable cryptocurrency payments to be made immediately.

The China-based company has created a hybrid payment network (HPN) that is equipped with machine learning capabilities to review crypto withdrawal requests. It can collect withdrawal timestamps, IP addresses, geolocations and other essential data. It can also analyse user behaviour to raise alerts when unusual activity is detected – a measure that aims to protect FiiiPay users from hackers.

FiiiPay’s architecture is a distributed system designed to support load balancing, which can be scaled by adding hardware to the network when demand increases. Currently, a single server can support up to 1,500 transactions per second. FiiiPay claims that by having multiple servers online, it can support thousands of transactions simultaneously.

The company says the cryptocurrency market is currently plagued with a litany of delays. “When cryptocurrencies were created, the intention was to bypass the centralised economic system and enable peer-to-peer exchange using the digital currency. However, transaction confirmation time is usually slow and there is hardly a viable alternative for payment transfers,” it states.

FiiiPay admits creating a centralised service in a world calling for decentralisation is a “bold move”, but adds that, by increasing the fault tolerance level, transactions will be made more leniently and validation work reduced.

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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